ReNew Raises $600 Million Through GIFT City Bond Issuance

Renewable energy major ReNew Energy Global Plc has raised $600 million through a dollar-denominated bond issue, marking a key financing milestone executed via the International Financial Services Centre (IFSC) at GIFT City, Gujarat, as per The Economic Times reports. 

Key Development: $600 Million Bond Raise at Lower Coupon 

The company issued 5-year bonds at a coupon rate of 6.5%, which is 1.4% points lower than the 7.9% rate on its $525 million bond raised in 2023 for a 3-year tenure. 

The transaction represents the first dollar bond issuance executed through IFSC GIFT City and was reportedly oversubscribed nearly four times, drawing participation from global investors across Asia, the UK, and the US. 

Delisting Plan Collapse and Sector Challenges 

The bond issuance follows the collapse of ReNew’s Nasdaq delisting plan after UAE-based Masdar withdrew its $1 billion offer in December and exited the investor consortium.  

The earlier buyout proposal had involved Canada Pension Plan Investment Board, Abu Dhabi Investment Authority, and founder and CEO Sumant Sinha, who together hold 64% of the company. 

The fundraise also comes amid operational challenges facing the renewable sector, including nearly 43 GW of unsigned power purchase agreements and recurring power curtailment in Rajasthan and Gujarat. 

Financial Performance and Asset Base 

For the quarter ended September 2025, ReNew reported total income of ₹38,557 million ($434 million), reflecting a 29% year-on-year increase. As of September 30, 2025, its operational portfolio stood at 18.5 GW, supported by 1.1 GWh of battery energy storage capacity. 

The company also operates 6.5 GW of solar module manufacturing facilities and a 2.5 GW operational solar cell unit, while constructing an additional 4 GW solar cell plant. In May last year, it secured $100 million from British International Investment to expand its solar manufacturing operations. 

Sector Outlook: Rising Green Energy Investments 

India’s renewable energy investment landscape continues to strengthen, driven by the government’s target of 500 GW of non-fossil capacity by 2030.  

According to EY estimates, cumulative energy transition investments during 2017–2025 could reach $62 billion, while Deloitte India projects total climate and energy transition investments of nearly $1.5 trillion by 2030. 

As of November 2025, India’s renewable energy capacity stood at 253.96 GW, following fresh additions of 44.51 GW during the year. 

Read More: Amazon Prepares to Layoff Nearly 30,000 Employees Starting Next Week: Report! 

Conclusion 

ReNew’s $600 million bond issuance at GIFT City highlights both improving investor confidence and the growing role of India’s offshore financial hub in global capital markets, while reinforcing the company’s funding base amid sectoral expansion and strategic realignment. 

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